Coinbase is making its biggest move yet toward becoming an “everything exchange,” and tokenized stocks are at the center of the plan. In its latest System Update, the company said it will roll out 1:1‑backed tokenized stocks for non‑U.S. customers next month and tie them into a single global trading pool.
Tokenized Stocks and Unified Liquidity
According to Coinbase’s update, the new tokenized stocks will mirror underlying shares and settle on-chain while remaining fully backed by traditional custody. The launch will start outside the United States, where local rules already allow tokenized equity trading. At the same time, Coinbase plans to merge liquidity from its U.S. spot exchange, its international derivatives venues, and options platform Deribit into a “unified, regulated global liquidity pool.”
Executives say that pooling order books in this way should tighten spreads and make it easier to move between spot, options, and perpetual futures in a single interface. Over the coming months, Coinbase aims to route more of its volume through this cross‑market engine so that traders see deeper books rather than fragmented markets.
AI Advisor and New Trading Products
Alongside the tokenized stocks, Coinbase also unveiled Coinbase Advisor, which CEO Brian Armstrong calls “one of the first SEC‑registered AI‑powered investment advisors in the world.” The tool reads a customer’s portfolio and account history, then delivers personalized guidance through chat. It recommends steps such as rebalancing, tax‑loss harvesting, and asset allocation, and Coinbase says it is registered with both the SEC and the National Futures Association.
The System Update also broadened Coinbase’s asset lineup beyond crypto. Non‑U.S. users can access equity options and perpetual futures, including pre‑IPO perpetual contracts on private firms such as SpaceX, that settle in USDC and trade around the clock. Coinbase is also adding prediction markets and token launch tools, turning its app into a hub for outcome trading and early‑stage token exposure alongside traditional stocks and digital assets.
Armstrong frames these launches as steps toward an “Everything Exchange” that lets customers trade stocks, crypto, derivatives, and event contracts in one regulated venue. By unifying liquidity, adding tokenized real‑world assets, and layering on an AI advisor, Coinbase is trying to blur the lines between a brokerage, a derivatives platform, and a crypto exchange. How regulators view this expanded product set will determine how far the company can push its model of tokenized stocks and on‑chain markets.
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